CUTHMAN CAPITAL

A boutique force in global hedge fund management

Cuthman Capital is an independent, owner-managed asset manager dedicated to protecting
and growing long-term wealth for a discerning clientele. We distinguish ourselves through a
disciplined, focused, and performance-driven approach, managing the award-winning Cuthman SDR Prescient QI Hedge Fund.

Performance-driven, aligned with clients
Our philosophy is built on absolute returns and genuine alignment. We invest alongside the
investors in the fund, ensuring our interests are directly tied to the fund’s success. This
commitment has delivered outstanding results:

• Class A annualised return (since July 2021 inception): 17.7% (ZAR) / 13.1% (SDR)*
• 97.5% total return (ZAR) / 67.2% total return (SDR) since inception*
• Award-winning: Recognised as Best New Fund and Best Global Fund at the 2022 HedgeNews Africa Awards. In 2024, the fund was a runner-up in the “Worldwide” mandate category.

A differentiated strategy: the SDR benchmark
In a world of generic USD or ZAR benchmarks, our strategy is unique. We benchmark the fund’s performance against the IMF’s Special Drawing Rights (SDR) interest rate, a basket of five major global currencies (USD, EUR, CNY, GBP, JPY). This approach is a perfect match for our worldwide, absolute-return investment objective and ensures our performance is measured against a truly global hard-currency standard.

Our investment edge: focused and agile
We manage a concentrated “global best ideas” long/short equity portfolio, typically holding around 25 long and 15 short positions. Because we manage only a single fund, we can apply single-minded focus. Our strategy is active and flexible, designed to capitalise on opportunities and hedge risks across global markets, with typically less than
10% net exposure to the ZAR. This requires deep research and decisive action —
a capability enabled by our team structure.

A senior team built for depth, not breadth
Our boutique team of seven seasoned professionals is our core strength. This includes
three dedicated research analysts who work directly with our founding portfolio managers,
ensuring deep, fundamental analysis is at the heart of every investment decision.
The firm is led by Tobie Lochner and Peter Wille, who bring over four decades of combined market experience. Their partnership, which began as students in 2001, is founded on a shared entrepreneurial vision for a performance-oriented business. This lean, expert-led structure fosters a meritocracy of ideas, avoids bureaucratic inertia, allows for rapid execution, and ensures our top talent is directly engaged in managing capital.

Proven results across market conditions
Our performance is not just about growth; it’s about resilience. The fund has navigated significant market volatility since its 2021 launch, achieving double-digit annualised gains while maintaining a disciplined focus on capital preservation. Our risk-aware approach is evident in our managed gross exposure, typically around 200% of net asset value. We are proud of our four-year track record. What began as a bold idea has evolved into a high-performing fund that has consistently delivered strong results for its unitholders. These results reflect our commitment to long-term value creation. Since inception the fund has expanded significantly — and we are now firmly focused on reaching our next major milestone: R1 billion in assets under management. As we look ahead, our goal remains clear: to continue delivering strong, risk-adjusted returns while growing our investor base and deepening our global footprint.

Conclusion
The Cuthman SDR Prescient QI Hedge Fund offers sophisticated investors a compelling
proposition: the rigorous analysis and agility of a boutique manager, the aligned interests of an owner-operated firm, and the proven, risk-aware performance of a unique global strategy.

* As at 31 August 2025